PLEASE WRITE OUT THE NEW INCOME STATEMENT AND SHOW WORK FOR HOW YOU GOT EACH NUMBER! THANK YOU

Chapter 5 -Financial Planning hou are forecasting a company's income statement and balance sheet for the coming year. For the most recent year, the statements were Income Statement - Year ended December 31 Sales $500,000 300,000 200,000 140,000 60,000 8,000 52,000 10,920 Cost of goods sold Gross profit - Operating expenses EBIT Interest expense EBT -Tax expense (21 %) EAT 16,432 -Dividends (40%) Addition to retained earnings $ 24,648